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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): September 14, 2001
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LOEWS CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 1-6541 13-2646102
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
667 Madison Avenue, New York, N.Y. 10021-8087
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code (212) 521-2000
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NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
Registrant's 87% owned subsidiary, CNA Financial Corporation, filed a
Current Report on Form 8-K dated September 14, 2001 relating to the issuance
of a press release commenting on its loss exposure from the September 11, 2001
attack on the World Trade Center in New York City and further extending the
expiration date for its rights offering. A copy of the press release issued by
CNA Financial Corporation is attached as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
(a) Not applicable.
(b) Not applicable.
(c) Press Release issued by CNA Financial Corporation, dated
September 14, 2001.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LOEWS CORPORATION
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Dated: September 17, 2001 By: /s/ Barry Hirsch
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Barry Hirsch,
Senior Vice President,
General Counsel and
Secretary
Exhibit 99.1
Document is copied.
CNA Insurance In Touch With Business
FOR IMMEDIATE RELEASE
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MEDIA: Charles M. Boesel, 312/822-2592
Katrina W. Parker, 312/822-5167
ANALYSTS: Donald P. Lofe, Jr., 312/822-3993
Robert V. Deutsch, 312/822-4242
CNA COMMENTS ON LOSS EXPOSURE FOR WORLD TRADE CENTER ATTACK;
FURTHER EXTENDS RIGHTS OFFERING
CHICAGO, ILLINOIS, September 14, 2001 - CNA Financial Corporation (NYSE: CNA)
today reported its preliminary estimate of certain loss exposures relating to
the September 11, 2001 attack on the World Trade Center in New York City. CNA
does not believe that, net of anticipated reinsurance coverages, it has
significant property damage exposure with regard to the World Trade Center or
buildings in the immediate vicinity.
While it is too early to estimate precisely the financial impact on CNA of
this tragedy, based on facts and circumstances currently known to it,
management believes that CNA's potential exposure, for all lines of business
except as noted below, could be in the range of $130 million to $230 million
after tax ($200 million to $350 million pre-tax), net of anticipated
reinsurance recoveries. The estimate also includes loss exposures in
connection with the attack on the Pentagon and the air crash in Pennsylvania.
CNA is not able at this time to make any estimates for potential exposure
concerning its general liability, individual life and business interruption
coverages, which may be substantial. CNA believes that it has significant
amounts of reinsurance coverage in relation to these losses.
Loss estimates are subject to considerable uncertainty, particularly in this
instance in light of the short amount of time that has passed since the
tragedy, the unknown nature of damage theories and amounts, and the fact that
events surrounding the tragedy are still unfolding. CNA's financial condition
and results of operations could be materially adversely affected by potential
estimated and unestimated exposures concerning these events.
(more)
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CNA also announced that it is further extending the expiration time of its
Rights Offering to 5:00 p.m. New York City time on Thursday, September 20,
2001. The Rights Offering was to expire on Wednesday, September 19, 2001.
Rights are expected to trade on the New York Stock Exchange under the symbol
"CNA.RT" through Wednesday, September 19, 2001. If you desire to sell your
rights through the Subscription Agent or take any other action that requires
the issuance of a new rights certificate, the Subscription Agent must receive
your rights certificate by 11:00 a.m., New York City time, on Monday,
September 17, 2001. CNA intends to consider additional extensions of the
Expiration Date for each trading day beyond Friday, September 14, 2001 that
trading has not resumed on the New York Stock Exchange.
A copy of the prospectus relating to the Rights Offering may be obtained from
Georgeson Shareholder Communications by calling (800) 223-2064, if you are not
a bank or broker, or (212) 440-9800, if you are a bank or broker.
CNA is a leading insurance organization serving businesses and individuals
with a broad range of insurance products and insurance-related services. Since
1897, CNA has built on a foundation of financial strength, stability and
commitment to customers and business partners. Visit CNA at www.cna.com. CNA
is a registered service mark, trade name, and domain name of CNA Financial
Corporation.
FORWARD LOOKING STATEMENT
The statements contained in this press release, which are not historical
facts, are forward-looking statements. When included in this press release,
the words "believes," "expects," "intends," "anticipates," "estimates," and
similar expressions are intended to identify forward-looking statements.
Forward-looking statements, by their nature, are subject to a variety of risks
and uncertainties that could cause actual results to differ materially from
the results expected in the forward-looking statement. Many of these risks and
uncertainties cannot be controlled by CNA Financial Corporation (the
"Company"). Some examples of these risks and uncertainties are: general
economic and business conditions; changes in financial markets such as
fluctuations in interest rates, credit conditions and currency, commodity and
stock prices; changes in foreign, political, social and economic conditions;
regulatory initiatives and compliance with governmental regulations, judicial
decisions and rulings; the impact of competitive products, policies and
pricing; product and policy demand and market responses; development of claims
and their impact on loss reserves; the performance of reinsurance companies
under reinsurance contracts with the Company and its subsidiaries; results of
financing efforts; changes in the composition of the loss reserves of the
Company and its subsidiaries and the possibility of future increases in
reserves; limitations upon the Company's ability to receive dividends from its
insurance subsidiaries imposed by state regulatory agencies and minimum risk-
based capital standards established by the National Association of Insurance
Commissioners; the possibility of downgrades in the Company's or its
subsidiaries' ratings by ratings agencies and changes in rating agency
policies and practices; the actual closing of contemplated transactions and
agreements; and various other matters and risks detailed in the Company's
Securities and Exchange Commission filings. These forward-looking statements
speak only as of the date of this press release. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained herein to reflect any
change in the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any statement is based.
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